BIR misses Jan-May VAT collection goal


Posted at Jul 26 2011 11:49 AM | Updated as of Jul 26 2011 07:49 PM

MANILA, Philippines - Government earnings from the value-added tax (VAT) during the first five months of 2011 fell 3% from a year ago, and 13% below the target for the period.

The Bureau of Internal Revenue (BIR) collected P72.191 billion from VAT in January to May, down 3% from last year's P74.56 billion, and 13% short of its P82.876-billion goal for the period.
The country's main tax agency is looking at P199 billion revenues from VAT this year.
The decline in BIR's VAT collection came in the wake of a Supreme Court decision allowing the agency to impose the consumption tax on toll roads.
BIR Commissioner Kim Henares said they were coordinating with the Toll Regulatory Board to implement the 12% VAT by August, almost a year after it was originally scheduled.
Henares was looking at between P2 billion and P3 billon additional revenues annually from the VAT on toll.